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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
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Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for pten
WallStreetConsensus
18 Sep 14 12:23:06
Initiations 9/18: $KEG, $SFTBY, $BAS, $ICD, $RENT, $ACTG, $FSNN, $ALNY, $PES, $RYI, $VNCE, $PTEN http://t.co/mG5PjT1K0S
FlashRatingsHOT
18 Sep 14 10:07:54
$PTEN has 3 analyst ratings in the last 7 days and 66% are positive. Median target: $40 (21% upside). View here: https://t.co/xRfmOox3tw
Sleek Money
18 Sep 14 09:35:40
Patterson-UTI Energy Now Covered by GMP Securities $PTEN http://t.co/oNrVQ7nXw7
James P Worthy
18 Sep 14 08:31:40
$PTEN Patterson-UTI Energy Raised to Outperform at Zacks (PTEN) http://t.co/V8NHDetxi6
US Banking News
18 Sep 14 05:56:35
Patterson-UTI Energy Now Covered by Analysts at GMP Securities $PTEN http://t.co/zckNMlJfDX
US Consumer News
18 Sep 14 05:19:02
Patterson-UTI Energy initiated by GMP Securities at buy. $42.00 PT. http://t.co/5gW8Y9145S $PTEN #PTEN
Analyst Ratings
18 Sep 14 05:11:13
Patterson-UTI Energy initiated by GMP Securities at buy. $42.00 PT. http://t.co/3aBRnIoxbQ $PTEN #PTEN
Stock Signaling
18 Sep 14 01:31:14
Basic Materials Sector: Upgrades: $SVLC $CQP $FCX $BHI $BBG $KOS $AREX $AUQ $SM $PTEN $MEMP $ABX $NOR $CVRR $PXD http://t.co/Vtx6dLy0Nw #mkt
chartguy89
17 Sep 14 22:55:17
PTEN 32.47 Stock Charts $PTEN Patterson-UTI Energy Inc. (NASDAQ) Last Updated: 09/18/2014 00:55:18 PTEN Stock http://t.co/318IqJBEks
Stock Signaling
17 Sep 14 14:31:23
Upgraded Stocks Trading in a New Range: $RCAP $LVLT $RDN $UA $SIMO $BBG $ILMN $BLDP $CBL $WBAI $KOS $TEX $PLAB $SM $PTEN #investors #nyse
Stock Signaling
17 Sep 14 11:31:14
Upgraded Stocks Trading in a New Range: $RCAP $LVLT $RDN $UA $SIMO $BBG $ILMN $BLDP $CBL $WBAI $KOS $TEX $PLAB $SM $PTEN #dow #investing
Sleek Money
17 Sep 14 06:42:22
Patterson-UTI Energy Raised to “Outperform” at Zacks $PTEN http://t.co/PpFIy5Bf5o
Vaulty Boy
17 Sep 14 06:29:00
$PTEN gapping, looking for 33 b/o
Stock Signaling
17 Sep 14 05:31:43
Visual Stock Comparison Tool: http://t.co/Vtx6dLy0Nw : $BBG $ILMN $BLDP $CBL $WBAI $KOS $TEX $PLAB $SM $PTEN $AVNR $CHUY $DRI $STT $NOK #dow
MICHAEL FILLOON
16 Sep 14 15:58:33
Patterson-UTI Energy initiated by KeyCorp at hold. http://t.co/4L37s8sWpE $PTEN #PTEN via @RatingsNetwork
Stock Signaling
16 Sep 14 14:31:19
Upgraded Stocks Trading in a New Range: $ILMN $BLDP $CBL $WBAI $KOS $TEX $VNET $PER $PLAB $SM $PTEN $AVNR $CHUY $DRI $STT #trading #trader
WKRB News
16 Sep 14 14:14:59
Patterson-UTI Energy Receives New Coverage from Analysts at KeyCorp $PTEN http://t.co/siLBLCqC3P
US Banking News
16 Sep 14 14:11:45
Patterson-UTI Energy Now Covered by Analysts at KeyCorp $PTEN http://t.co/5Gq2dqBtPc
US Consumer News
16 Sep 14 14:03:44
Patterson-UTI Energy initiated by KeyCorp at hold. http://t.co/4vmgvnwxjH $PTEN #PTEN
Sleek Money
16 Sep 14 13:59:57
Patterson-UTI Energy Research Coverage Started at KeyCorp $PTEN http://t.co/7lf4fr7B1u
Analyst Ratings
16 Sep 14 13:56:45
Patterson-UTI Energy initiated by KeyCorp at hold. http://t.co/Ocdxov3l09 $PTEN #PTEN
Alpha Maven Alerts
16 Sep 14 13:47:15
$PTEN, Positive, Yesterday, SD +2.26, #NASDAQ #OilGas
Market Newswire
16 Sep 14 12:15:47
Patterson-UTI Poised for Growth with Quality Land Rig Fleet - September 16, 2014 - http://t.co/YaN6cQRtn8 $PTEN #stock #stocks #economics
Stock Signaling
16 Sep 14 11:31:19
Upgraded Stocks Trading in a New Range: $BLDP $CBL $WBAI $KOS $TEX $VNET $PER $PLAB $SM $PTEN $AVNR $CHUY $DRI $STT $NOK #analyst #stocks
InterCooler
16 Sep 14 08:21:57
Patterson-UTI Energy Upgraded at Zacks $PTEN http://t.co/nDtbJrYBBY
TalkMarkets
16 Sep 14 06:09:10
Sprague Resources Arm To Buy #Utilities #MarketingAssets $CAM $PTEN $PES http://t.co/vnygXJtkSn
Stock Signaling
16 Sep 14 04:01:17
Upgrades: $AREX $VNET $MSFT $BGG $AUQ $SM $BX $IRM $WAFD $SWY $PTEN $AVNR $DRI $STT $MEMP http://t.co/Vtx6dLy0Nw #trader #nyse #wallstreet
Charts 123
16 Sep 14 03:40:03
Buy Signal: $CRZO $CXO $GRMN $GSM $MTDR $NGD $PQ $PTEN $TRX http://t.co/pfw67h2MbB #stocks
US Banking News
16 Sep 14 00:06:51
Patterson-UTI Energy Short Interest Up 27.1% in August $PTEN http://t.co/lA3T93p6sh
WKRB News
15 Sep 14 23:38:17
Patterson-UTI Energy Short Interest Up 27.1% in August $PTEN http://t.co/zYhzjo15ma
Stock Signaling
15 Sep 14 14:31:20
Upgraded Stocks Trading in a New Range: $PER $PLAB $SM $PTEN $AVNR $CHUY $DRI $STT $NOK $LULU $WERN $VRA $ABCO $NOR $TMUS #nasdaq #markets
TroopTrades
15 Sep 14 11:32:17
RT @StockSignaling: Upgraded Stocks Trading in a New Range: $PLAB $SM $PTEN $AVNR $CHUY $DRI $STT $NOK $LULU $WERN $VRA $ABCO $NOR $TMUS $C…
Stock Signaling
15 Sep 14 11:31:41
Upgraded Stocks Trading in a New Range: $PLAB $SM $PTEN $AVNR $CHUY $DRI $STT $NOK $LULU $WERN $VRA $ABCO $NOR $TMUS $COH #mkt #nasdaq #spy
Stock Signaling
15 Sep 14 10:31:19
Top Upgrades: $SM $IRM $PTEN $CVS $AVNR $RAI $CHUY $S $DGI $CNVR $DRI $STT $ABX $BAH $NOK http://t.co/Vtx6dLy0Nw #investors #nyse #markets
US Banking News
15 Sep 14 10:20:56
Patterson-UTI Energy Upgraded by Zacks to “Outperform” $PTEN http://t.co/2jNj3F4CiW
WKRB News
15 Sep 14 10:05:39
Patterson-UTI Energy Raised to Outperform at Zacks $PTEN http://t.co/w7shUSn5kB
Media Sentiment
15 Sep 14 09:52:01
$PTEN received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 265
US Consumer News
15 Sep 14 09:48:29
Patterson-UTI Energy upgraded by Zacks to outperform. $38.00 PT. http://t.co/46R9k2dWQq $PTEN #PTEN
Market Int Center
15 Sep 14 09:46:35
Patterson UTI Energy $PTEN Showing Bearish Technicals With Support At $30.61 ( http://t.co/amgkEphVWm )
Media Sentiment
15 Sep 14 09:45:10
$PTEN received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 261
Analyst Ratings
15 Sep 14 09:40:12
Patterson-UTI Energy upgraded by Zacks to outperform. $38.00 PT. http://t.co/VOdzM6CjE6 $PTEN #PTEN
StockSpotter
15 Sep 14 09:07:40
$PTEN up 0.8% to 31.64 after bullish trade setup #stocks #options #trading http://t.co/ttpt8G6tV2
12Stocks.com
15 Sep 14 08:53:41
MidCap #Stocks Performance $ALR $TAP $BAH $CLF $UFS $DRI $NUE $PTEN $UPL $WHR $EQT $IRM $EGN $LGF $BPOP more@ http://t.co/tf79gD96D3
Alpha Maven Alerts
14 Sep 14 12:58:21
$PTEN, Positive, Yesterday, SD +2.26, #NASDAQ #OilGas
Market Int Center
12 Sep 14 12:49:59
Patterson UTI Energy $PTEN Showing Bearish Technicals With Support At $30.78 ( http://t.co/eNfRPGCQQL )
Livevol Community
12 Sep 14 09:00:10
HIGH PUT VOLU $ECA 1228% $AMRN 1204% $BVN 974% $LBTYA 747% $PTEN 716% $HCP 711% $AUXL 698% $SPG 673% http://t.co/gwzPxhnztr
David Nelson
12 Sep 14 07:08:09
The $OSX Oil service death march continues.. The falling knife continues to cut. Lot of blood out there $PTEN $SLB $HAL
Irma Doucet
12 Sep 14 06:00:35
$PTEN Stocks Buzz – Patterson-UTI Energy, Inc. (NASDAQ:PTEN), Radian Group Inc ... http://t.co/9C7ruxgEia
Market Int Center
11 Sep 14 09:39:50
Potential Patterson UTI Energy $PTEN Trade Targets 3.92% Return ( http://t.co/UWt9x53jCn )
				
				
By  +Follow October 4, 2013 8:22AM
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